Page 4 - Bankruptcy

NCLAT permits Engine Lease Finance to inspect its jet engines with Go First

The National Company Law Appellate Tribunal (NCLAT) on Friday allowed Engine Lease Finance BV to inspect their four engines leased to crisis-hit carrier Go First. A two-member bench of the appellate tribunal granted relief to Engine Lease Finance (ELF) after modifying the earlier order of the National Company Law Tribunal (NCLT) on July 26. NCLAT has directed the resolution professional of Go First, which is going through the corporate insolvency resolution process (CIRP), to allow the world's leading independent engine financing and leasing company to inspect the engines within 10 days of the order. "We are of the view that inspection be permitted within 10 days from today," said an NCLAT bench comprising Chairperson Justice Ashok Bhushan and Barun Mitra. During the proceedings, counsel for the resolution professional submitted that in view of the orders passed by the Delhi High Court, the inspection shall be allowed, and the date for carrying out the inspection shall be intimated

Future Retail resolution professional moves NCLT against Kishore Biyani

The Resolution Professional (RP) of Future Retail Ltd (FRL) has filed an application before the NCLT against Kishore Biyani, his brother Rakesh Biyani and eight other entities alleging their involvement in a "fraudulent transaction" in the company. This application "has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as 'Transaction Review Auditor' by the RP," said a regulatory filing from Future Retail Ltd (FRL). The Transaction Review Auditor was to assist RP in his duties and the determination, wherein a transaction has been reported under Section 66 of the Code for adjudication by the NCLT. "RP of FRL has filed an application before National Company Law Tribunal, Mumbai, against certain persons, to seek avoidance of transaction under the applicable provisions of the Insolvency & Bankruptcy Code 2016," it said. As per the disclosure, the estimated amount involved is Rs 40.53 lakh. The report has also named one entity ...

Dadheech Infra case: NCLAT upholds NCLT's insolvency proceedings verdict

The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed a petition against the NCLT order allowing the initiation of insolvency resolution proceedings against Dadheech Infrastructures. While upholding the National Company Law Tribunal's ruling in the case, the NCLAT also flagged that "unreasonable and unexplained delays in delivering verdicts are not desirable". The NCLT had reserved its order in December 2022 and pronounced the order only in June this year. The Kolkata bench of the National Company Law Tribunal (NCLT) in June this year allowed initiating Corporate Insolvency Resolution Process (CIRP) against Dadheech Infrastructures on a plea filed by SREI Equipment Finance, which itself is undergoing CIRP. The decision of the NCLT was challenged by way of a petition by Sanjeev Kumar Sharma, who was a director on the now-suspended board of Dadheech Infrastructures. A two-member NCLAT bench said it was satisfied with the findings recorded by the Kolkata Bench of t

Go First seeks emergency funding of Rs 100 crore from creditor banks

The funds will go towards operational costs such as insurance and repairs that could keep the airlines afloat

Top headlines: Govt defers laptop import curbs, Go First insolvency

Business Standard brings you the top headlines at this hour

FTX draft bankruptcy plan seeks cash repayment, FTT wipeout: Report

FTX also still hasn't ruled out rebooting an offshore exchange, according to the filings

Billions in corporate debt: Wave of bankruptcies threatens global economy

Rising tide of distress is, of course, to certain degree by design. Caught by surprise as inflation surged, monetary policymakers have been aggressively draining cash from the world's financial system

As business bankruptcies surge around the world, next wave could be bigger

Large defaults add to the risk of a vicious cycle of suppliers not being paid, workers losing their jobs, banks further tightening lending criteria and then more companies going bust

Go Airlines invites Expression of Interest for possible sale of carrier

The last date for receipt of interest for the airline is set for Aug. 9, according to a advertisement

Lenders ask SpaceMantra to sweeten Rs 550 cr offer for Future Retail

The lender will have to take a massive 97 per cent haircut on their claims worth Rs 19,400 crore that were admitted against the bankrupt company

Go First revival plan: DGCA to conduct audit before restarting operations

Aviation regulator DGCA will examine documents submitted by Go First related to the revival plan and will also conduct an audit on operational preparedness before allowing the carrier to restart operations, according to sources. Senior representatives of the current management of Go First, which has stopped flying since May 3, discussed various aspects of the revival plan with officials of the Directorate General of Civil Aviation (DGCA) in the national capital on Wednesday, they said. The budget carrier, which was owned by the Wadia family, is in voluntary insolvency resolution proceedings. According to the sources privy to the development, the airline's EY-backed Resolution Professional Shailendra Ajmera and Interim CEO Kaushik Khona made a detailed presentation to the DGCA officials on the revival plan. DGCA will also conduct an audit to assess the airline's operational preparedness once it completes the scrutiny of the documents. The audit is expected to take place next week,

Bharat Petroleum exercises RoFR to buy Videocon Oil's Brazil assets

Earlier, lenders had given conditional nod to sell 3 basins to Eneva, PetroRio

Future Enterprises invites expression of interest for assets across India

The last date of receipt of interest is set at June 25 and the provisional list will be out on July 5. The last date of submissions for objections of the provisional list is July 10

Returning aircraft to lessors will render Go First 'dead': NCLT's IRP to HC

From denying bail to Manish Sisodia in the excise policy case to hearing a plea of the bankrupt Go First, here are important cases heard by the Delhi High Court today

Future Retail receives bids from 6 applicants in bankruptcy resolution

Debt-ridden Future Retail Ltd said on Wednesday it had received bids from six applicants in its insolvency resolution process

Wipro is largest unsecured creditor of crisis-hit Vice Media, says report

The media group owes Wipro $9.9 million after the latter won an arbitration award

Vice Media files for bankruptcy, the latest digital media setback

Vice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise. Vice said on Monday that it has agreed to sell its assets to a consortium of lenders Fortress Investment Group, Soros Fund Management and Monroe Capital in exchange for USD 225 million in credit. Other parties will also be able to submit bids. The bankruptcy filing arrives just weeks after the company announced it would cancel its flagship Vice News Tonight program amid a wave of layoffs which was expected to impact more than 100 employees in the company's 1,500-person workforce, the Wall Street Journal reported. The company also said it would end its Vice World News brand, making Vice News its only brand worldwide. Monday's filing comes amid a wave of media layoffs and closures including job cuts at Gannett, NPR, the Washington Post and more over recent months. In April, BuzzFeed Inc. announced that its Pulitzer Prize winning digital media outlet BuzzFeed

George Soros's firm among top bidders to acquire Vice out of bankruptcy

Vice's rapid downfall underscores the challenges facing digital media companies, which are struggling as advertisers cut spending during an uncertain economy

Pratt & Whitney faces higher risks after Go First filed for bankruptcy

NEW YORK/BENGALURU (Reuters) -Pratt & Whitney on Thursday opposed Go Airlines (India) Ltd's push to enforce an arbitration ruling in an engine dispute, with the U.S. company arguing in a Delaware court that the Indian airline's bankruptcy filing has raised risks for it.

Risky jurisdiction: Aircraft lessors raise alarm over Go First crisis

India is a critical market for lessors, in which sale-and-leaseback deals accounted for 75% of plane deliveries from 2018 to 2022, compared with a global average of 35%